Recent years have seen the development of a large literature on balance sheet factors in emerging-market financial crises. In this paper we discuss three concepts widely used in this literature. Two ...

This paper estimates the long-term effects of the global recession of 2008-2009 on output in 23 countries. I measure these effects by comparing current estimates of potential output from the OECD and ...

M-Pesa is a mobile phone based money transfer system in Kenya which grew at a blistering pace following its inception in 2007. We examine how M-Pesa is used as well as its economic impacts. Analyzing ...

We evaluate the effect of California's 11 percent excise tax on firearms, introduced in July 2024, on retail prices. Using price quotes for 48 popular firearms from over 2,200 licensed dealers, we ...

Rising concern over the impact of Chinese industrial policy has led to severe trade tensions between China and some of its major trading partners. In recent years, foreign criticism has increasingly ...

This paper investigates whether preschool children exposed to Sesame Street when it began in 1969 experienced improved educational and labor market outcomes subsequently. We exploit geographic ...

Using transaction-level data on US congressional stock trades, we find that lawmakers who later ascend to leadership positions perform similarly to matched peers beforehand but outperform them by 47 ...

In doing so we systematically document for the first time the extent to which Africa was politically decentralized, calculating that in 1880 there were probably 45,000 independent polities which were ...

This paper provides the first experimental evidence on the impact of providing a guaranteed basic income on criminal perpetration and victimization. We analyze a nationwide randomized controlled trial ...

These models can capture many complexities, but these complexities can make results difficult to interpret. Analytical general equilibrium (AGE) models provide better intuition and interpretation but ...

This paper documents stylized facts about the "Great Reallocation" in US supply chain trade following the 2018–2019 tariff shocks and the April 2025 Liberation Day announcements. We find that: (i) The ...

How has aggregate income and welfare in the United States been affected by globalization and rapid productivity growth in emerging economies? We use the class of constant elasticity trade models to ...